Hedge funds seek day in court with IBRC

Irish Times – Two Cayman Island hedge funds have appealed a US court ruling that State-owned Irish Bank Resolution Corporation can avail of sovereign immunity to avoid being sued in the US by bond holders who lost money in its restructuring.

The funds – Fir Tree Capital Opportunity Master Fund and Fir Tree Value Master Fund – bought $200 million (€148 million) of subordinated Anglo Irish Bank bonds in November 2010 and unsuccessfully sued the bank in the US courts in 2011 after the Government forced bondholders to take write-downs on the value of their subordinated bonds as part of the bank’s restructuring.